New Trends in Supply Chain Management - Global Review
The management of a network of interconnected businesses are involved in the ultimate provision of services and product packages. They are required by end costumer and it known as supply chain management. Supply chain management spans all the work-in process. They include inventory, movement, storage of raw materials, and finished products from the point of inception to the point of expenditure. Increased global competition has led manufacturers to adopt global supply chain management.
Supply chain management has now emerged as the foundation in many small or large industries. This is done to create an integrated relationship between the customers and suppliers. Since last year, the demand of global supply chain management has increased and to meet this great demand, Institute of Supply Chain Management is offering programs in this field.
Global Supply Chain Management consists of suppliers for raw materials and product manufacturers. It also includes retailers, products management, wholesalers and distributors. Its services are connected by transportation and storage activities. They all are combined through planning, information and integration activities. It also includes other functions such as finance, engineering, purchasing, and marketing. Other control activities are related to them. The use of IT in global supply chain management has paved is a latest way of enhancing the customer service and impounding the uncertainty. As a result a competitive edge is created. Its main objectives are:
- To understand the concept of supply chain management.
- To know the trends in supply chain.
- To know the status of supply chain.
Global SCM is continuously progressing and there are always new trends in it. Industries are investing greater resources in their supply chain so; they are looking for the brightest and best employees for managing those supply chains. To improve the ability to deliver the product to the costumer, the global supply chain management professionals are assessing possible shortcomings and inefficiencies of their supply networks. This is especially true for today’s highly competitive and fast paced environment, where the supply chain performances can be provided by the manufacturers with a necessary edge. So, in order to respond to competitive pressures, companies should know and understand the new trends in today’s global supply chain management industry.
Global supply chain management has emerged as one of the most important sectors globally. It is observed because of the time utility factor which is concerned with it. Supply chain management along with I.T services has completely changed the point of view of how they maintain their collaborative relationships with their suppliers and how industries manage their supply chain and fulfill the requirements of their customers.
Among all the supply chain management trends, supply chain visibility always remains at the top of the list. Supply chain visibility is the requirement of both industries running supply chains and providers of services. It is a key role for the growth of the company. There are many benefits of supply chain management are large inventories, large number of suppliers, customers with large purchasing budgets and complex products. The global supply chain management is discussed in more details in supply chain management courses online, which are offered by AIMS' institute of supply chain management